Alliant Energy Corp.'s Proposed Fixed-To-Fixed Reset Rate Junior Subordinated Notes Due 2056 Rated 'BBB-'

TORONTO (S&P Global Ratings) Sept. 23, 2025--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Alliant Energy Corp.'s (AEC) proposed fixed-to-fixed reset rate junior subordinated notes due April 1, 2056. The company intends to use the net proceeds from these notes to repay or refinance its existing debt and reduce its outstanding commercial paper, as well as for general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%), which reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having no equity content after April 1, 2036, because the remaining period until maturity will be less than 20 years. We rate these securities two notches

...September 23, 2025 TORONTO (S&P Global Ratings) Sept. 23, 2025--S&P Global Ratings today assigned its '###-' issue-level rating to Alliant Energy Corp.'s (AEC) proposed fixed-to-fixed reset rate junior subordinated notes due April 1, 2056. The company intends to use the net proceeds from these notes to repay or refinance its existing debt and reduce its outstanding commercial paper, as well as for general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%), which reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having no equity content after April 1, 2036, because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our '###+' long-term issuer credit rating on AEC to reflect their subordination and management's ability to defer the interest payments on the instrument. The long-term nature of the...

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